The Pope has called for the regulation of
financial speculation so that the poor do not suffer painful consequences from a system pure speculation driven by various monetary policies.
In his prayer intention for May Pope Francis said, “The true economy, the one that creates work, is in crisis. How many people are now unemployed! — But the financial markets have never been as inflated as they are now.
How far away is the world of high finance from the lives of ordinary people!
If finance is unregulated, it becomes pure speculation driven by various monetary policies.
This situation is unsustainable. And it is dangerous.
So that the poor do not suffer painful consequences from this system, financial speculation must be carefully regulated.
Speculation. I want to underline that term.
May finance be a form of service, and an instrument to serve the people, and to care for our common home!
We still have time to begin a process of global change to practice a different kind of economy, one that is more just, more inclusive and sustainable —and leaves no one behind.
We can do this! And let us pray that those in charge of finance will work with governments to regulate financial markets and protect citizens from its dangers.”